Before Dawn Josh Hurriedly Packed Some Clothes for a Job-Interview

question 44

Short Answer

Before dawn Josh hurriedly packed some clothes for a job-interview trip while his roommate was still sleeping. He reached in his disorganized sock drawer where there were five black socks and five navy blue socks, although they appeared to be the same color in the dimly lighted room. Josh grabbed six socks, hoping that at least two, and preferably four, of them were black to match the gray suit he had packed. With no time to spare, he then raced to the airport to catch his plane.
a. What is the probability that Josh packed at least two black socks so that he will be dressed appropriately the day of his interview?
b. What is the probability that Josh packed at least four black socks so that he will be dressed appropriately the latter day of his trip as well?

---

Definitions:

Just-in-time

A production strategy that aims to reduce in-process inventory and associated carrying costs by producing goods only as they are needed in the production process.

Carrying Costs

Expenses associated with holding inventory, including storage, insurance, and spoilage costs.

Shortage Costs

Costs incurred by a business when the demand for its products exceeds its supply, often leading to lost sales and customer dissatisfaction.

Short-term Financial Policy

Guidelines or strategies focused on managing a company's current assets and liabilities to ensure short-term operational needs are met.